The Nigerian Government, through the Presidential Committee on Fiscal Policy and Tax Reforms, has announced plans to implement a zero-rated tax on food items. This was revealed by the Chairman of the Committee, Taiwo Oyedele, during an interview with Channels Television. Oyedele explained that the current Value Added Tax (VAT) system places an undue burden on the poorest citizens, particularly regarding essential food items. “Even the VAT system was placing too much burden on the poorest people. For example, you had food items, some of them were exempted. So we’ve decided that food should not just be exempted, it should…
Author: Editor Francis
The leadership of the Nigeria Labour Congress (NLC) has accused President Bola Tinubu of betraying both the labor movement and Nigerians following a recent hike in petrol prices and the ensuing scarcity across the country. Joe Ajaero, President of the NLC, expressed his discontent on Tuesday, describing the ongoing confusion surrounding the price of Premium Motor Spirit (PMS), commonly known as petrol, as “traumatic and nightmarish.” Ajaero recalled that during negotiations over a new minimum wage, President Tinubu had presented the NLC and the Trade Union Congress (TUC) with two choices: a minimum wage of N250,000 coupled with a petrol…
Binance Holdings Limited has expressed its willingness to resolve any “alleged past issues” with the Nigerian Government and called for the immediate release of its detained executive, Tigran Gambaryan. Gambaryan, a senior executive at the cryptocurrency trading platform, was arraigned on Monday at the Federal High Court in Abuja on charges of money laundering. During his court appearance, Gambaryan, who appeared visibly distressed and in pain, was denied a wheelchair and had to enter the courtroom on crutches. His legal team has since filed a new bail application on medical grounds, citing restricted access to him for trial preparation. The…
President Bola Tinubu of Nigeria and Chinese President Xi Jinping have held discussions in Beijing aimed at strengthening bilateral ties between their two nations for the benefit of their citizens. The meeting took place during President Tinubu’s official visit to China, ahead of his participation in the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), scheduled from September 4-6, 2024. During the talks, both leaders agreed to establish a high-level Nigeria-China community partnership focused on a shared future. This partnership is expected to enhance cooperation between the two countries across various sectors. President Tinubu, who is also the…
Nigerians may face tougher times ahead as the Nigerian National Petroleum Corporation Limited (NNPCL) has increased the pump price of petrol to N855 per liter. This development follows the company’s recent admission of a $6 billion debt challenge related to its international supply chain. Since the removal of fuel subsidies by the Nigerian government, fuel prices have fluctuated, with NNPCL previously maintaining a price of N617 per liter. However, a statement from the company’s Chief Corporate Communications Officer, Olufemi Soneye, subtly confirmed that the mounting debt has led to fuel shortages at filling stations across the country, affecting supply stability.…
Dangote Refinery has commenced the production of its first batch of Premium Motor Spirit (PMS), commonly known as petrol, from its newly established 650,000 barrels per day facility in Lagos. This significant development was announced by Aliko Dangote, President of the Dangote Group, during a press conference on Tuesday. Dangote highlighted that the refinery’s petrol output is expected to reduce Nigeria’s reliance on imported fuel, help control inflation, and stabilise the Naira against the U.S. dollar. He assured that the fuel produced by Dangote Refinery will meet global quality standards. “The quality will match that of anywhere in the world,”…
The Nigerian naira began the week on a positive note, appreciating against the U.S. dollar in the foreign exchange market. According to data from FMDQ, the naira strengthened to N1,585.77 per dollar on Monday, up from N1,598.56 per dollar on Friday, marking a gain of N12.79. In a similar trend, the naira also appreciated in the parallel market, gaining N10 to close at N1,635 per dollar on Monday, compared to N1,645 per dollar on Friday. This reflects a notable improvement in the naira’s value against the dollar. However, foreign exchange transaction turnover saw a significant decline. FMDQ data revealed that…
The Nigeria Civil Aviation Authority (NCAA) has clarified that the United States Federal Aviation Administration (FAA) delisted Nigeria from its Category One status under the International Aviation Safety Assessment (IASA) program because no Nigerian airline has operated direct flights to the United States for over two years. This downgrade means that Nigerian carriers will not be able to fly directly to any U.S. city or airport until Nigeria is re-audited, re-certified, and returned to its previous status. Nigeria originally attained the U.S. FAA Category One Status in August 2010 after a rigorous five-year assessment process. However, the loss of this…
Briton Andrew Wynne, who has been declared wanted by the Nigeria Police for allegedly conspiring to overthrow President Bola Tinubu’s administration, has denied the accusations against him. In an appearance on Channels Television’s *Politics Today* on Monday, Wynne, speaking from the United Kingdom, expressed surprise at being labelled a fugitive. He stated, “I am not aware that I am a fugitive. I am not aware that I am running away from the law.” His rebuttal came just hours after the Nigeria Police announced a N20 million bounty on his head and that of a Nigerian accomplice, Lucky Obiyan. The Force…
The Nigeria Police Force has declared Andrew Wynne, a British national also known as Andrew Povich or Drew Povey, wanted for allegedly conspiring to overthrow the government of President Bola Tinubu. According to the Force Public Relations Officer, Olumuyiwa Adejobi, the police have launched a comprehensive investigation into the activities of Wynne and other foreign mercenaries involved in a plot to destabilize Nigeria’s democratically elected government. Adejobi made this announcement on Monday at the Force Headquarters in Abuja. Adejobi revealed that Wynne had rented a space at Labour House, Abuja, under the guise of operating an ‘Iva Valley Bookshop’ and…
A fire broke out on Monday, engulfing a section of the Katsina State Government House in Katsina. The cause of the fire has not yet been determined. Firefighters are currently on the scene, working to extinguish the blaze. Further details on the incident are awaited as efforts to contain the fire continue.
Former Vice President Atiku Abubakar has called for the immediate listing of the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange, in accordance with the provisions of the Petroleum Industry Act (PIA). Atiku’s demand comes in response to the NNPCL’s recent decision to transfer the management of the Warri and Kaduna refineries to private operators. He argued that this move raises concerns about the independence of the NNPCL, which is mandated by the PIA to operate as a private business entity. In a statement released on Sunday by Paul Ibe, his media adviser, Atiku stated, “The NNPCL is…